ShaMaran Corporate Update

ShaMaran Petroleum Corp. announced a significant corporate update on December 4, 2025, detailing the grant of 8,300,000 stock options and 11,540,000 Restricted Share Units (RSUs) to its officers, employees, and eligible personnel. This grant is part of the company’s long-term incentive plans and was executed under its Stock Option Plan and Share Unit Plan. The stock options have a five-year term, vesting in three equal annual installments starting from the grant date, with an exercise price set at CAD 0.245 per share, reflective of the closing share price on December 3, 2025. The RSUs also vest evenly over the next three years.

With these new grants, ShaMaran now has 27,403,328 stock options, 59,526,661 RSUs, and 22,270,235 Deferred Stock Units (DSUs) outstanding under its long-term incentive programs. This update underscores the company's ongoing commitment to incentivizing its workforce and aligning their interests with those of shareholders.

ShaMaran is a Canadian independent oil and gas entity, significantly focused on the Kurdistan region of Iraq, where it holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. The company is publicly traded on the TSX Venture Exchange and on the Nasdaq First North Growth Market, symbolized by the ticker "SNM". It is a member of the Lundin Group of Companies, which is known for its investment in natural resources.

This announcement adheres to regulations under the EU Market Abuse Regulation, ensuring transparency and compliance in its public disclosures. ShaMaran continues to position itself strategically within the oil and gas sector, leveraging its partnerships and geographical advantages.

ShaMaran Petroleum Corp. has recently announced a significant corporate update involving the granting of stock options and Restricted Share Units (RSUs). A total of 8.3 million stock options and 11.54 million RSUs have been awarded to various stakeholders within the company, which signals a promising commitment to incentivizing key personnel and aligning their interests with shareholder value.

The specific terms of the stock options indicate an exercise price of CAD 0.245 per share, reflective of the closing price on December 3, 2025. The distribution of these options vested over three years suggests a strategic move to retain top talent and encourages a long-term focus on performance. The total outstanding securities under the long-term incentive programs—27,403,328 stock options, 59,526,661 RSUs, and 22,270,235 Deferred Share Units (DSUs)—demonstrate ShaMaran's dedication to maintaining competitive compensation structures.

Investors should closely monitor how these incentives might affect operational efficiency and overall company performance. Given that ShaMaran holds significant interests in the Atrush and Sarsang Blocks in the Kurdistan region, the potential for production increases or new discoveries could create upward pressure on the stock. Moreover, aligning management's interests with shareholder value through these incentive plans can potentially lead to improved strategic decision-making and operational success.

However, investors must remain vigilant regarding geopolitical risks in the Kurdistan region, which can significantly impact oil exploration and production. Therefore, while the granting of RSUs and stock options may signal a positive outlook for ShaMaran, it is wise to approach investments cautiously and keep abreast of both the company's operational developments and the external political landscape. Now could be a prudent time for potential investors to evaluate their positions in ShaMaran, especially if they believe in the long-term growth resources of the Kurdistan assets.